RE: Illicit competing bids? There is no doubt that news of the deal got out, but I think that STO would be at $5 today on its own merits.
Once Spartan gets through their pipline limitations, there is nothing stopping them from getting to $6.50 next year. They could have grown internally until the cows came home.
Should this deal go through, PRY admitted that there will be no production growth whatsoever next year as a combined company. What's with that? I don't want a dividend, I want growth, or growth and a small divvy.
Then there is the statement that neither company could muster the resources needed to buy further assets on their own. This is questionable to me. The only way this could be true is if they have their eye on a big play right now, one that might have PRY issue more millions of shares as a combined company. Nope, I am not up for that.
PRY is still not a bad company, and I am not going to diss it, but I believe STO has completely mastered its Cardium assets, and selling themselves out cheap like this does not go down well.
Let's see what transpires.
L6